Clause 58 - Aggregation of income under the class 'Income from Ordinary Sources' - Direct Taxes Code Bill, 2009

G. Aggregation of income Aggregation of income under the class 'Income from Ordinary Sources' 58. (1) The income under any head of income, other than 'Capital gains', for any financial year shall be the aggregate of the amount of income computed in respect of each source of income falling under that head of income, for the financial year. (2) The income under any head of income for any financial year, as computed under sub-section (1), shall be aggregated with the income under any other head of income computed under that sub-section or section 47, for the financial year; and the net result of the aggregation shall be the 'current income from ordinary sources', for the financial year. (3) The 'current income from ordinary sources' shall be aggregated with the 'unabsorbed preceeding year loss from the ordinary sources', if any; and the net result of the aggregation shall be the 'gross total income from ordinary sources', for the financial year. (4) The 'gross total income from ordinary sources', for the financial year, shall be treated as 'nil', if the net result of the aggregation under sub-section (3) is negative; and the absolute value of the net result shall be the amount of 'unabsorbed current loss from ordinary sources', for the financial year.